Tulsa, OK Entrepreneur Gets SBA Loan to Buy Ron's Hamburgers & Chili Franchise

Borrowing money to invest in a Ron's Hamburgers & Chili franchise? Arkansas Valley State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Ron's Hamburgers & Chili franchise requires some effort but others before you have been successful. In 2004, Arkansas Valley State Bank issued an SBA franchise loan to an entrepreneur in Tulsa, Oklahoma. Because Ron's Hamburgers & Chili was registered with the SBA's registry of franchises, this Oklahoma small business loan was issued on an expedited basis.

SBA Loan Borrower

RON'S HAMBURGERS & CHILI
11425 E 21ST STREET
TULSA, OK 74129

SBA Loan Lender

ARKANSAS VALLEY STATE BANK
302 S MAIN
BROKEN ARROW, OK 74012

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/9/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower, Ron's Hamburgers & Chili, borrowed this money for an existing business. This loan was used to buy a Ron's Hamburgers & Chili franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Ron's Hamburgers & Chili needed a loan. Arkansas Valley State Bank probably wouldn't have granted the loan based on the merits of the company, but with the SBA stepping up and agreeing to guarantee part of the loan, Arkansas Valley State Bank made the loan. The end result was that Ron's Hamburgers & Chili was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Understanding Dilution

Banks in Broken Arrow, Oklahoma

Oklahoma SBA 7A Lenders

If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.